Can You Not See Bonds Rallying?

I subscribe to this view that we could continue to have commodity and food driven kind of inflation pressures but I also believe that that could be paired with asset price deflation where it just prices in the markets and in real estate and everything could continue to be under pressure right. How do you square a world where the cost of living is rising and maybe the CPI continues to show positive prints but the value of all net worth of everything is just getting clobbered? Under that environment can you not see bonds rallying? So you think commodities are going to round? I'm basically saying if that's the scenario that is emergent could you see a scenario where bonds rally under that environment? Oh well listen first